Storytel streaming revenue in line with forecast for Q4 and full year 2022
January 09, 2023 at 07:01 am
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Storytel's Q4 worldwide streaming revenue for 2022 came in at 742 MSEK, which is within the forecasted range, both in the Nordic and the Non-Nordic segment. Full year 2022 streaming revenues grew 31 percent excluding Russia, which is also within the forecasted full year range.
Streaming revenue in the Nordics for the fourth quarter of 2022 came in at 498 MSEK. The average number of paying subscribers for Q4 in the Nordic segment was 1.132 million which corresponds to an increase of 84,000 subscribers compared to Q4 2021.
The streaming revenue for the Non-Nordics segment in Q4 2022 totaled 244 MSEK, which corresponds to an annual growth rate of +67 percent - +94 percent excluding Russia which concluded its close-down in Q3 2022. The average number of paying subscribers in the Non-Nordic segment amounted to 904,000 in Q4 2022, corresponding to an increase of 167,000 subscribers compared to Q4 2021.
"In the Nordics, our market leading service showed continued healthy growth supported by new attractive offerings for all wallet sizes, including the launch of Storytel Premium - our new time limited (100h/month) subscription which complements Storytel's comprehensive set of products," says Storytel's CEO, Johannes Larcher.
"I was also happy to see our Non-Nordic markets deliver solid revenue growth driven by our profitable priority markets in mainland Europe and in the US. Our performance in Q4 boosts our commitment to serve our growing subscriber base and continue our trajectory of sustainable profitable growth. We are dedicated to bringing best-in-class spoken-word audio content to our audiences and will continue our efforts to refine every aspect of our product and service on their behalf," says Johannes Larcher.
Table 1: Key Performance Indicators for Streaming
TSEK
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q4 2022
Streaming Total*,**
Actuals
Forecast
Revenue
605,128
698,599
704,454
742,426
742,283
735,000-745,000
Revenue excl Russia
584,495
679,654
693,464
732,837
742,374
Gross Profit
220,003
283,868
278,554
307,463
Gross Margin
36.4%
40.6%
39.5%
41.4%
Avg. Paying Subscribers
1,784,600
2,051,000
2,031,000
2,064,000
2,036,000
ARPU (SEK/Month)
113
114
116
120
122
Streaming Nordics*
Revenue
459,018
458,555
469,390
492,765
498,336
495,000-498,000
Gross Profit
171,791
165,788
177,354
189,289
Gross Margin
37.4%
36.2%
37.8%
38.4%
Avg. Paying Subscribers
1,047,900
1,061,000
1,078,000
1,129,000
1,132,000
ARPU (SEK/Month)
146
144
145
145
147
Streaming Non-Nordics**
Revenue
146,110
240,044
235,064
249,662
243,947
240,000-247,000
Revenue excl Russia
125,477
221,099
224,074
240,073
244,038
Gross Profit
48,212
118,080
101,190
118,173
Gross Margin
33.0%
49.2%
43.0%
47.3%
Avg. Paying Subscribers
736,700
990,000
953,000
935,000
904,000
ARPU (SEK/Month)
66
81
82
89
90
*Storytel Norway is included in the figures @ 100%. In the consolidated accounts, Norway is reported in accordance with the equity method.
**Includes Russian operations which is phased out as of Q3 2022.
FNCA Sweden AB is the company's certified adviser.
This information is such that Storytel AB (publ) is obliged to disclose in accordance with the EU Market Abuse Regulation (EU nr 596/2014). The information was provided, through the agency of the below contact persons, at the time stated in this press release, by Cision.
For more information, please contact:
Andreas Lindblom, Head of Investor Relations
Tel: +46 72 506 14 22
Email: andreas.lindblom@storytel.com
Dan Panas, Head of Communications & PR
Tel: +46 70 186 52 90
Email: dan.panas@storytel.com
About Storytel
Storytel is one of the world's largest audiobook and e-book streaming services and offers over a million titles on a global scale. Our vision is to make the world a more empathetic and creative place, with great stories to be shared and enjoyed by anyone, anywhere and anytime. The streaming business within the Storytel Group is conducted under the brands Storytel, Mofibo and Audiobooks.com. The publishing business is managed by Storytel Books, and by the audiobook publisher StorySide. The Storytel Group operates in over 25 markets. The headquarters is located in Stockholm, Sweden.
Storytel publ AB, formerly Massolit Media publ AB, is a Sweden-based holding company whose management is mainly dealing with business development and finance. Massolit Forlag AB is a wholly owned subsidiary of the Company that publishes childrenâs books and adult literature in current and future format, and mainly sells authorship fiction and non-health/personal development. With Massolit Interactive Studio (ub) the Company will launch a program for digital publishing (applications for smart phones and tablets) at the side of electronic books and MP3 audio books that are already given out through Elib, Storytel and iTunes, among others. The applications are primarily sold through the Apple Appstore and Google Play. The Company operates as a wholly owned subsidiary of Massolit Media AB.